How Flexi Loan Works

FLEXI-LOAN is exactly what it says, it offers full flexibility where you have a credit line and can draw available funds as and when needed.

We have kept it simple by providing fixed amounts which you can select, and we will ensure that this is affordable for you.

Once you have been approved for a FLEXI-LOAN and documentation is in place you will be given a login where you can access your account.

Once logged in you can view your account and request your funds as and when they are available.

You will pay the agreed monthly repayment.

Part of your monthly repayment will credit your loan* and part of your monthly payment will pay your interest.

* When your loan has been credited this amount will be made available for you to take back if you require it.

Interest is charged against your outstanding balance only.

To request funds simply log in to your account, make a cash request and we will check that all is ok before transferring your funds straight to your own bank account.

You will pay a monthly administration fee that allows us to manage your cash requests.

Each facility is reviewed every 6 months and renewable subject to criteria.

Example:

Loan: £500.00
Monthly Repayment: £50.00
Monthly Fee: £11.00

Credits: £45.00
Interest: £5.00

So, using the above simple illustration £45 of your £50 payment will go towards your loan amount meaning that if you have taken your full £500 from day one you will have another £45 to redraw as and when you needed. If you don’t redraw then this will continue therefore after 4 months of repayments not taking back any more money you will have £180 available to take back if you so desired.

If on day one you only take £400 of your £500 then you will be charged on the £400 not the £500 and using the above simple illustration you will have £100 available plus the £45 per month you repay towards your balance.

(Same day transfer subject to account being up to date, all fees paid, cash request made before 11a.m and normal business working day)